Switzerland at greater risk of recession than Greece - economists

There is more chance of a recession in Switzerland than there is in Greece following the Swiss National Bank's decision to scrap its cap on the franc, according to economists.

According to a poll carried out by Bloomberg, economists believe there is a 40% chance of the Swiss economy slipping into recession after the SNB's shock move, whereas in December they only saw a 9% risk. Swiss GDP growth was 0.6% in Q3 of last year, up from 0.3% the previous quarter, but a recession, defined as two consecutive quarters of contracting growth, could hit Switzerland as early as this year, economists suggested. Greece's chance of recession was given as 30%, although the respondents had not had time to digest the election of anti-austerity party Syriza. Greece emerged ...